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2016 (8) TMI 1199 - AT - Income TaxReopening of assessment - Addition u/s 69C on account of unexplained expenditure - Held that:- The assessee put up all the relevant documents during the assessment proceedings. During the search the papers seized clearly mentioned that: “in the 2nd part of the booking form the rate is mentioned as ₹ 1,500/- per Sq. feet making it clear that the difference i.e., ₹ 2,800/- per Sq feet has been received in cash which comes to 2800 X 5000= ₹ 1,40,00,000”. Thus there does not constitute any substantial reason to believe that the Assessee is incorrect in showing the genuineness of the transaction. The Assessing Officer has not made out finding on the factual & documentary bases. There is no substantial material taken by the Assessing Officer while making that addition. The CIT(A) has rightly deleted the addition. Therefore, we uphold the order of CIT(A). - Decided in favour of assessee.
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